§ 55-1-35 Trust declaration that beneficiary's interest subject to spendthrift trust--Payment of beneficiary expenses.

SD Codified L § 55-1-35 (2019) (N/A)

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55-1-35. Trust declaration that beneficiary's interest subject to spendthrift trust--Payment of beneficiary expenses. A declaration in a trust that the interest of a beneficiary shall be held subject to a spendthrift trust is sufficient to restrain voluntary or involuntary alienation of a beneficial interest by a beneficiary to the maximum extent provided by law. Regardless of whether a beneficiary has any outstanding creditor, a trustee of a spendthrift trust may directly pay any expense on behalf of such beneficiary and may exhaust the income and principal of the trust for the benefit of such beneficiary. No trustee is liable to any creditor for paying the expenses of a beneficiary of a spendthrift trust.

Source: SL 2007, ch 280, § 12; SL 2011, ch 212, § 34.

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§ 55-1-34 Provision that beneficial interest in trust income or principal may not be transferred before payment to beneficiary permissible.

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§ 55-1-36 Satisfaction of claims of settlor's creditors from trust estate if settlor is beneficiary.

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